The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1887-12-08
VERY SHORT ONE.
President CleVeland'S Message to
,.... Congress.
TARIFF THE MAIN POINT
TOGETHER WITH THE SURPLUS IN
THE TREASURY.

Congress Held ResponSibIs For the
Large surplus-He Favors Reduction of
Tariff, but Wants the Internal Row
enue Taxes to Remain Unchanged.
To the Congress Of the United States:
You are confronted at the threshold of
your legislative duties with a condition of
the National finances which imperstively
demands immediate and careful considera-
tion. The amount of money annually ex-
acted through the operation of present law,
from the industries and necessities Of the
people largely exceeds the sums necessary
to meet the expenses Of the government.
When we consider that the theory Of our
institutions guarantees to every citizen the
full enjoyment Of the fruits Of his industry
and enterprise, with only such deduction as
may be his share towards the careful and
economical maintenance Of the government
which protects him, it is plain that the ex-
action of more than this is indispensable ex-
tortion and a culpable betrayal Of Ameri-
can fairness and justice. This wrong in
Hicted upon those who bear the burden Of
National taxation, like other wrongs, null
tiplies brood of evil consequences.
The public treasury which should only
sxist as a conduit, conveying the peoples
tribute to its legitimate objects of expendi-
lure, becomes a boarding place for money
needlessly withdrawn from trade and the
peoples use, thus crippling our National
energies, guspending our country's develop
ment, preventing Investment in productive
enterprise, threatening financial disturb
ance, and inviting schemes of public
plunder. This condition of our treasury is
not altogether new; and it has more than
once Of late been submitted to- the peoples
representatives in the congress, who alone
can apply remedy. And yet the situation
still continues, with aggravated incidents,
more than ever, presaging financial con-
vulsion and widespread disaster. 1t will
not do to neglect this situation, because its
dangers are not now palpably imminent
and apparent They exist none the less
certainly, and await the unforeseen and un-
expected occasion when suddenly they will
be precipitated upon us.
On the 3Oth day Of June, 1875, the excess
Of revenues over public expenditures after
complying with the annual requirement of
the sinking fund act, was Sl7, $50 735. .S4;
during the year ended June 80, 1886 such
excess amounted to $40, 4i5, ,545. 20; and dur
ing the year ended June 30, 1857, it reached
the sum Sf S55, ,567, S49.54.
The annual contributions to the sinking
fund during the three years above specified
amounting in the aggregate to $l3S058,-
B20 "a and deducted from the surplus as
stated, were made by calling in for that
purpose outstanding three percent. bonds
Of the government During the six months
prior to June SO 1887, the surplus revenue
had grown so largely repeated accumula-
lions, and it was feared tao withdrawal of
this great sum needed by the people would
30 affect the business of the country that
the sum of SO, ,S64, 100 Of such surplus was
applied to the payment Of the principal and
interest of the three-per- cent. bonds still
outstanding and which were then payable
at the option of the government. The pre-
carious condition Of financial affairs among
the people still needing relief, Immediately
after the 30th day of June, 1887, the re-
mainder of the three percent. bonds then
outstanding, amounting with principal and
interest to the. sum of $lSS17, 800 were
called in and applied to the sinking fund
contributions or the current fiscal year.
Notwithstanding these operations of the
treasury department representatives of dis:
tress in business circles not only continued,
but increased, and absolute peril seemed at
hand. In these circumstances the contribu-
tion to the sinking fund for the current fis-
cal year was at once completed by the ex-
penditure of $27, ,6S4, 2S3, 55 in the purchase
of government bonds, not yet due,
bearing and l-2 per cent interest,
the premium paid thereon averaging about
"a per cent. for the former, and
per cent. for the latter. In addition
to this the interest accruing during the cur
rent year upon the outstanding bonded in
debtedness of the government was to some
extent anticipated, and banks selected rs
repositories of public money were per-
mitted TO somewhat increase their de-
posits.
While the expedient thus employed to re-
lease to the people the money lying idle in
the treasury, served to avert immediate
danger, our surplus revenues have con-
tinued to accumulate the excess for the
present year amounting on the ist day Of
December to $50, 2j9, 701. 10, and estimated
TO reach the sum Of sil3, ,000, 900 on the 30th
of June next, at which date it 10 expected
that this sum, added to prior accumula-
tions, will swell the surplus in the treasury
to $140, ,0O0,0 900. There seems to be no assur-
ance that, with such q withdrawal from
use of the peoples circulating medium, our
business community may not, In the near
future, be subjected to the same distress
which was quite lately produced from the
same cause, and while the functions of our
National treasury should be few and simple,
;ko hon H.
reached, believe, by its entire disconnec-
tion with private business interests, yet,
when, by perversion of its purposes, it
idly holds money uselessly subtracted from
the channels Of trade, there seems to be
reason for the claim that some legitimate
means should be devised by the government
to restore in sn emergency, without waste
or extravaganza, such money to its place
among the people. N.rss
If such an emergency arises there now ex-
lists no clear and undoubted executive
mower of relief. Heretofore the redemp-
tion Of three percent bonds which were,
payable at the option Of the government,
has afforded means for the disbursement
of the excess OF our revenues; but these
bonds have all been retired, and there are
no bonds outstanding the payment Of which
we have the right to insist upon. The con-
tribution to the sinking fund, which fur
nished the occasion for expenditure in the
purchase of bonds has been already made
for the current year, SO that there is no out
let in that direction.
In the present state of legislation the only
pretense of any existing executive power to
restore, at this time any part of our surplus
revenues TO the people by its expenditure,